Nostra Terra raises GBP250,000 in share placing

Exploration and production company Nostra Terra Oil & Gas has raised £250,000 through the placing of 12.5m new shares at 2p each.

The proceeds will allow the company to continue to proactively seek out additional acquisition opportunities and will put the board in a strong negotiation position while it awaits the $2.1m proceeds from the sale of the Chisholm Trail asset, onshore USA, as announced on 29 June and 8 July.

An application will made to the London Stock Exchange for admission of the placing shares to trading on AIM and it is expected that trading will begin on AIM on or around 28 July.

At 1536 BST, Nostra Terra shares were down 18% to 1.95p.